6th Oct 2022 12:36
(Alliance News) - Amte Power PLC on Thursday said it has agreed a production contract with the UK Battery Industrialisation Centre to manufacture its ultra-high power cells in the next phase of its commercialisation plans.
Amte Power is a lithium-ion and sodium-ion battery cells manufacturer based in Oxford, England.
The contract, which starts in January 2023, stipulates that Amte can request UKBIC to manufacture up to 60,000 of its ultra-high power cells per year, over an initial term of 24 months, for the high power automotive and fuel cell electric vehicle markets.
Production under the agreement is expected to generate initial revenues for the company, and to help it meet growing demand from within the automotive sector for high performance electric vehicles and fuel cell electric vehicles.
Amte said the agreement was a "key milestone" to upscale production ahead of mass commercialisation plans, as the company powers towards its first MegaFactory in Dundee, Scotland.
Amte added that it would ensure products can be delivered to customers in advance of the factory opening, which is underpinned by a growing pipeline of potential business with opportunities of around GBP240.0 million across the company's product range.
Chief Executive Officer Kevin Brundish said: "This new phase in our journey builds on the partnership that we've established with UKBIC through cell development. It is testament to the investment that the UK Government has made in this market-leading battery manufacturing and scale-up facility that we are now able to put that development work into practice."
Amte shares were trading 11% higher at 72.00 pence each in London on Thursday afternoon.
By Holly Beveridge; [email protected]
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